Nigeria is set to boost its oil refining capacity thanks to a deal with South Korean investors. The Federal Government has announced that a consortium of investors from South Korea will build four 100,000-barrel capacity refineries in various locations across the country. This move is expected to transform Nigeria into Africa’s petroleum refining hub.
Key Highlights of the Deal:
- Four Refineries: The South Korean consortium will establish four 100,000-barrel capacity refineries in different locations in Nigeria.
- Open Environment: The Federal Government is encouraging investors by providing an open environment for all.
- Public-Private Partnership: The government has adopted a public-private partnership model to unlock investment in the midstream and downstream segments of the oil and gas sector.
- Energy Security: The government is open to equity investment in modular refineries and other upcoming refineries to ensure energy security.
Benefits of the Deal:
- Increased Refining Capacity: The new refineries will increase Nigeria’s oil refining capacity, reducing reliance on imports.
- Job Creation: The project is expected to create jobs and stimulate economic growth.
- Reduced Crude Oil Theft: The ministry has set up an international emergency committee to discourage crude oil theft and illegal refining.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, emphasized the government’s commitment to making Nigeria self-sufficient in petroleum production and a hub for petroleum refining in Africa
Add Comment